This page encompasses several useful topics related to peer review for firms. The topics include peer review requirements for firms as well as information about enrollment and the review process.
Firm Resources & Forms
If your firm has gone through or is currently experiencing a change in the firm structure please complete the Firm Structure Change Form and submit it to your administering entity at peereview@ficpa.org. All change forms must go through the administering entity for verification purposes. Once your administering entity determines the form has all required information, it will be forwarded to the AICPA. AICPA staff determines the impact to the firm’s peer review(s) on a case by case basis.
If a new firm is the result of a firm merger, purchase, sale, or dissolution, please complete the Public Accounting Firm Creation Form to submit along with the firm structure change form.
Enrollment
All firms who wish to undergo a peer review must first enroll in a peer review program using PRIMA, the primary tool used by firms, reviewers, and the entities administering peer review. Firms that do not have an AICPA user name will need to complete the Public Accounting Firm Creation Form and send to peerreview@ficpaorg. PRIMA is accessible to all AICPA and CPA.com customers whose records are linked to a public accounting firm in our records.
Peer Review Enrollment - FAQs
Who has to enroll in a practice-monitoring program?
Firms (including sole practitioners) need to participate in a practice-monitoring program if -
- At least one partner wishes to retain his/her AICPA membership
- The firm wishes to hire or retain staff who are AICPA members
- The firm performs engagements under Government Auditing Standards (i.e., “Yellow Book”) issued by the U.S. Government Accountability Office (GAO)
- The firm is not a member of the AICPA but performs services requiring a license in its home state
What is the AICPA practice-monitoring requirement?
AICPA members active in the practice of public accounting must be associated with a firm that participates in an AICPA practice-monitoring program if the firm performs services within the scope of the peer review standards (essentially audits, reviews, compilations and/or attestation engagements) and issues reports purporting to be in accordance with AICPA professional standards.
A member can meet the requirement if his or her firm is enrolled in the AICPA Peer Review Program (hereinafter referred to as the "Program"), the objective of which is to help CPAs improve the services provided to clients and raise the quality and prestige of the CPA profession.
Does my firm need to enroll in a practice-monitoring program if we do not have an accounting or auditing practice?
No. Your firm is not required to enroll if you do not have an accounting or auditing practice. However, if your firm is engaged to perform an audit, review, compilation, or attestation engagement, you should notify the AICPA Peer Review Division or the FICPA Peer Review Team as soon as you accept such an engagement in order to schedule a peer review.
How does my firm enroll?
Firms enrolling in the AICPA Peer Review program (administered by the FICPA Peer Review Team) will use the AICPA's PRIMA system to enroll
Access Prima via PRIMA | AICPA.
Unsure where to begin? Checkout Getting Started in PRIMA.
PRIMA Help: AICPA Support | 919-402-4502, press 2
After a firm's enrollment information has been received, a due date for the firm's initial review is assigned. Generally, the due date for the firm's first review is 18 months from the date of enrollment or the date they should have enrolled
Scheduling
Approximately 6 to 7 months before a firm's review due date, the firm will receive a notification via email with instructions on submitting the information required for scheduling reviews using the online PRIMA system. This information must be completed by the firm in PRIMA to schedule a review. To comply with the scheduled due date, the review should be scheduled early enough so that all documents are received by the FICPA Peer Review Department prior to the scheduled due date.
It is the firm's responsibility to choose its own reviewer. The review should not commence until the firm has received notification that the reviewer has been approved to perform the review. Scheduling Form Guidance
Selecting A Review Team
One of the most important decisions you will make will be to choose the review team that will best accommodate your firm's needs. After choosing a qualified firm, you will need to discuss fees with your reviewer. Actual reviewer time and fees may differ. The time required to perform a review depends on the number of accounting and auditing hours of the firm, peer review risk, the number of professionals, and the firm's degree of compliance with its quality control procedures. When engaging a reviewer to conduct a review, please note that your chosen reviewer(s) must have current knowledge in the areas and industries in which your firm practices (as selected by you on the PRI in PRIMA) in order to qualify to perform your firm’s review.
Information on how to hire a quality peer reviewer and questions to consider when selecting a reviewer can be obtained here:
How to Hire A Quality Peer Reviewer
Questions to Consider When Vetting Prospective Peer Reviewers
The AICPA also maintains a nationwide online reviewer search that you can access here. Reviewer Search
For AICPA Member Firms Peer Review Information, click here.
For Peer Review Program FAQs, click here.
Review Types
There are two types of peer reviews. Firms that perform audits and/or examinations level attestation engagements must undergo a system review. Firms that perform reviews or compilations are eligible for an engagement review but may opt to have a system review.
In a system review, the peer reviewer tests all elements of the firm's quality control system (Leadership Responsibilities for Quality Within the Firm, Relevant Ethical Requirements, Acceptance and Continuance of Client Relationships and Specific Engagements; Human Resources; Engagement Performance; and Monitoring), including a representative sample of the firm's engagements, and issues an opinion regarding the design of and firm's compliance with its quality control system. Findings, if any, are written from a system perspective and may include reviewer recommendations and a firm response.
In an engagement review, the peer reviewer tests a limited number of engagements based on specific selection guidelines and reports all noted departures from professional standards. Findings, if any, are written from an engagement perspective and may include reviewer recommendations and a firm response.
Review Performance
The peer review year end should be a period of one year that is mutually agreed upon by the reviewed firm and the team/review captain. Ordinarily, review year-ends are within three to five months of the peer review. Engagements selected should have periods ending during the year under review. Subsequent peer reviews will maintain the established year end.
After the Review
Once the reviewer has completed the review and all materials have been submitted to the administering entity, the working papers will go through an administrative and technical review. The administrative review ensures all required documents from the reviewer are received and complete. During the technical review, the working papers submitted by the reviewer are evaluated to determine whether the review has been conducted in accordance with the Standards and whether the firm has responded to any matters, findings, deficiencies, or significant deficiencies in an appropriate manner.
Review Evaluation, Acceptance, and Completion
Upon completion of the technical review, reviews are presented for consideration of acceptance to the Peer Review Committee’s Report Acceptance Body (RAB), to consider for acceptance. Peer reviews are presented ordinarily to the RAB within 120 days after working papers are received by the administering entity..
Contact/Need Help
Questions, comments, feedback
Our goal is to help the reviewed firm and the reviewers have the smoothest possible progression through the peer review process. You may reach us at (800) 342-3197 or (850) 224-2727.
Paul Brown
Director of Technical Services, Peer Review & Professional Standards
Paul@ficpa.org
Kathy Creel
Peer Review Manager
Kathy@ficpa.org
Chika Okoro
Peer Review Coordinator
Chikao@ficpa.org